OR WAIT null SECS
Acquisition of 86,000 square-foot plant has capability of manufacturing 1.8 billion capsules annually
Procaps Group, an integrated healthcare and pharma company based in Barranquilla, Columbia, will be acquiring an 86,000 square-foot pharma production facility located in West Palm Beach, FL, with production capacity of approximately 1.8 billion softgel capsules per year for its iCDMO (integrated contract and manufacturing organization) business unit, which is expected to increase its product development capabilities by more than 70%, according to the firm.
The pharma production facility was purchased from Strides Pharma, Inc., a US subsidiary of the Indian-based pharmaceutical corporation, the Strides Group. The facility is FDA approved, while also offering development and analytical testing capacities.
Per the deal, Procaps will be receiving several softgel encapsulation lines, new critical support systems, automated packaging line capabilities, as well as development facilities featuring pilot and scale up capabilities. The company anticipates the plant to begin operations by May 2022.
“ … Operationally and strategically, this expansion is an important investment for us,” notes Ruben Minski, CEO of Procaps Group. “… We believe our new facility in Florida is strategically positioned to improve our supply chain efficiency and the cost of distribution for our products, in terms of proximity to customers, especially for the NAFTA area."